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Amphenol beats Q2 revenue on steady demand for defense, communication equipment
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Amphenol beats Q2 revenue on steady demand for defense, communication equipment
Jul 24, 2024 5:55 AM

July 24 (Reuters) - Electronic equipment maker Amphenol ( APH )

beat market estimates for second-quarter sales on

Wednesday, on the back of growing demand for defense and

communication equipment.

Amid the dynamic geopolitical environment, countries across

the globe are expanding their investments in next-generation

defense technologies.

Amphenol ( APH ) makes equipments such as connectors and sensor

systems that are used in automobile, industrial and defense

sectors.

Shares of the Wallingford, Connecticut-based company rose

2.5% in premarket trading.

The company posted revenue of $3.61 billion for the three

months ended June 30, compared with an estimate of $3.4 billion,

according to LSEG data.

With the acquisition of Carlisle Interconnect Technologies

and its recent plan to buy outdoor wireless network and antenna

systems business from CommScope ( COMM ) for $2.1 billion,

Amphenol ( APH ) has been on an acquisition spree to broaden its

existing portfolio.

Amphenol's ( APH ) information technology and data communications

segment reported revenue of $1.44 billion in the second quarter,

driven by growing demand for products used in artificial

intelligence data centers.

It forecast third-quarter revenue in the range of $3.70

billion to $3.80 billion, compared with expectations of $3.71

billion.

On an adjusted basis, Amphenol ( APH ) expects profit in the range

of 43 cents to 45 cents, the mid-point of which is in line with

analysts' estimates.

Amphenol's ( APH ) board approved a 50% rise in quarterly dividend

to 16 cents from 11 cents, which will be paid on Oct. 9.

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